Top Gold Miner Newmont Offers $17 Billion for Newcrest
- US miner has been eyeing Australian company for several months
- The takeover offer is the world’s biggest so far this year
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Newmont Corp. is offering $17 billion to acquire Australia’s Newcrest Mining Ltd. and create a global precious metal behemoth as miners look to boost reserves.
The US miner’s stock-only proposal would be the largest takeover deal globally so far this year. It follows a $4.8-billion takeover of Yamana Gold Inc. by Pan American Silver Corp. and Agnico Eagle Mines Ltd. that’s expected to close by the end of March and comes as gold prices have experienced a sustained period of strength since 2020. Top mining executives have predicted more consolidation in the industry as producers struggle with declining output and higher input costs, and increasingly harder-to-mine deposits.